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ÜHISRAHASTUSPLATVORMIDE KASUMLIKKUSE SEOSED OMANIKE KARAKTERISTIKUTEGA EUROOPAS Magistritöö Õppekava TARM 02/18, Peaeriala Ärirahandus

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ÜHISRAHASTUSPLATVORMIDE KASUMLIKKUSE SEOSED OMANIKE KARAKTERISTIKUTEGA EUROOPAS Magistritöö Õppekava TARM 02/18, Peaeriala Ärirahandus TALLINNA TEHNIKAÜLIKOOL Majandusteaduskond Majandusanalüüsi ja rahanduse instituut Maris Niklus ÜHISRAHASTUSPLATVORMIDE KASUMLIKKUSE SEOSED OMANIKE KARAKTERISTIKUTEGA EUROOPAS Magistritöö Õppekava TARM 02/18, peaeriala ärirahandus Juhendaja: Laivi Laidroo, PhD Tallinn 2020 Deklareerin, et olen koostanud magistritöö iseseisvalt ja olen viidanud kõikidele töö koostamisel kasutatud teiste autorite töödele, olulistele seisukohtadele ja andmetele, ning ei ole esitanud sama tööd varasemalt ainepunktide saamiseks. Töö pikkuseks on 11 557 sõna sissejuhatusest kuni kokkuvõtte lõpuni. Maris Niklus (allkiri, kuupäev) Üliõpilase kood: 153328TARM Üliõpilase e-posti aadress: [email protected] Juhendaja: Laivi Laidroo, PhD: Töö vastab kehtivatele nõuetele …………………………………………… (allkiri, kuupäev) Kaitsmiskomisjoni esimees: Lubatud kaitsmisele ………………………………… (nimi, allkiri, kuupäev) SISUKORD LÜHIKOKKUVÕTE ...................................................................................................................... 5 SISSEJUHATUS ............................................................................................................................ 6 1. ÜHISRAHASTUS JA ETTEVÕTETE TULEMUSLIKKUSE MÕJUTEGURID .................... 9 1.1. Ühisrahastus ......................................................................................................................... 9 1.1.1. Ühisrahastuse ajalugu ja liigid .................................................................................... 11 1.1.2. Ühisrahastusplatvormide ärimudel ............................................................................. 14 1.1.3. Ühisrahastust puudutavate empiiriliste uurimuste tulemused ..................................... 17 1.2. Ettevõtte tulemuslikkus ja omanike karakteristikud .......................................................... 20 1.2.1. Teoreetilised lähtekohad ............................................................................................. 20 1.2.2. Ülevaade varasematest empiirilistest uurimustest ...................................................... 24 2. ANDMED JA METOODIKA .................................................................................................. 28 2.1. Valim .................................................................................................................................. 28 2.2. Analüüsis kasutatavad muutujad ........................................................................................ 31 2.3. Metoodika .......................................................................................................................... 35 2.3.1. T-test ........................................................................................................................... 35 2.3.2. Regressioonmudel ....................................................................................................... 35 3. TULEMUSED JA JÄRELDUSED........................................................................................... 38 3.1. Euroopa ühisrahastusplatvormide tulemuslikkus .............................................................. 38 3.2. Euroopa ühisrahastusplatvormide omanike struktuuri karakteristikud .............................. 40 3.3. Ühisrahastusplatvormide kasumlikkus ja omanike kontsentratsioon ................................ 43 3.4. Regressioonanalüüsi tulemused ......................................................................................... 44 3.5. Järeldused ja ettepanekud .................................................................................................. 47 KOKKUVÕTE ............................................................................................................................. 51 SUMMARY .................................................................................................................................. 53 KASUTATUD ALLIKATE LOETELU ...................................................................................... 55 LISAD ........................................................................................................................................... 60 Lisa 1. Lõplikus valimis olevate ühisrahastusplatvormi omavate ettevõtete nimekiri ............. 60 Lisa 2. 2018 aasta ROA väärtused (%) ettevõtte omanike identiteedi gruppide lõikes ............ 63 Lisa 3. Regressioonanalüüsi esialgne tulemus .......................................................................... 64 Lisa 4. Regressioonmudeli 1 tulemus muutuja LN Vanus 2017 eemaldamisel ....................... 65 Lisa 5. Regressioonmudeli tulemus muutujate samm-sammulisel eemaldamisel .................... 66 3 Lisa 6. Regressioonvalimi 2 tulemus üksikisiku või perekonna kontrolli all olevate platvormide valimil ....................................................................................................................................... 67 Lisa 7. Regressioonmudeli tulemused kolme aasta keskmiste muutujatega ............................. 68 Lisa 8. Lihtlitsents ..................................................................................................................... 69 4 LÜHIKOKKUVÕTE Ühisrahastusplatvorm, kui veebipõhine finantsvahendaja, on muutunud tänapäeval oluliseks ja populaarseks rahastamise viisiks. Platvormide jätkusuutliku tegevuse tagamiseks on oluline kasumi teenimine ning läbipaistvus, kuna platvormi tegevusega on seotud mitmed osapooled. Käesoleva magistritöö eesmärgiks on hinnata Euroopa ühisrahastusplatvormide kasumlikkust ning selle seost platvormi omanike karakteristikutega. Kasumlikkuse hindamiseks on kasutatud 2018. aasta suhtarvu ROA ning omanike karakteristikuid kirjeldavad platvormide suurima omaniku identiteedi fiktiivmuutujad ning suurima omaniku osaluse suurus. Omanike struktuuri kirjeldavad andmed on esitatud veebruar 2020 seisuga. Tööks vajalikud andmed pärinevad Orbis Europe andmebaasist. Käesoleva magistritöö valimisse kuulub 92 ühisrahastusplatvormi omavat ettevõtet. Seoste hindamiseks kasutatakse regressioon-analüüsi ning t-testi. Tulemuste kontrollimiseks teostab autor ka regressioonanalüüsi kasutades kolme aasta keskmist ROA väärtust. Analüüsi käigus selgus, et valimisse kuuluvad ühisrahastusplatvormid teenivad keskmiselt kahjumit. 42% platvormidel on suurimaks omanikuks mittefinantsettevõte ning see on ka levinuim omaniku identiteet käesolevas valimis. T-testi ja regressioonanalüüsi tulemustest selgub, et üksikisiku või perekonna kontrolli all olevad platvormid on 26,2 protsendipuntki võrra kasumlikumad kui mittefinantsettevõtete kontrolli all olevad platvormid ning mittefinants- ja finantsettevõtete kontrolli all olevate platvormide kasumlikkused on sarnased. Küll aga ei leidnud kinnitust omaniku kontsentratsiooni ja kasumlikkuse seos. Siinkohal on oluline rõhutada, et töös käsitletud valim on väike ning antud järeldusi ei saa rakendada kogu ühisrahastusplatvormi sektorile. Võtmesõnad: crowdfunding, ühisrahastus, omanike karakteristikud, ettevõtte kasumlikkus 5 SISSEJUHATUS Viimase globaalse finantskriisi tingimustes piirasid pangad laenamist ning paljudel ettevõtetel tekkisid seetõttu finantsraskused. Kriisi järel hakkasid ettevõtted aina enam otsima alternatiivseid finantseerimise viise oma tegevuse ja projektide rahastamiseks, sest usuti, et need aitavad lahendada või vähemalt leevendada kapitalile juurdepääsu probleemi. Üheks alternatiivse rahastuse vormiks on ühisrahastus, mis on ajalooliselt välja kasvanud heategevuslikul eesmärgil raha kogumisest (annetuspõhine ühisrahastus). Aja jooksul on see kaldunud tugevalt laenu- ja investeerimispõhise ühisrahastuse suunas, mis moodustab praeguseks üle 90% kogu ühisrahastuse mahust. 2017. aastal moodustas kogu Euroopa alternatiivse finantseerimise turust 85% laenu- ja investeerimispõhine ühisrahastus, millest 41% moodustas tarbijalaenude osakaal (Ziegler et al 2019, 32). Seega on ühisrahastus praeguseks päris kaugel filantroopiast ning allumas tavalisele äriloogikale. Kapitali kaasaja seisukohast, on oluline, et ta saaks rahastuse võimalikult väikese kuluga, mis viitaks madalamale ühisrahastusplatvormi tulemuslikkusele. Investeerija seisukohast on oluline, et platvorm suudaks täita oma vahendaja rolli ning püsiks jätkusuutlikuna, mistõttu mõistlik kasumlikkus oleks pigem oodatud. Platvormi omanike eesmärgiks on eeldatavalt soov kasumit teenida. Platvormide jätkusuutliku tegevuse tagamiseks on oluline kasumi teenimine ning piisaval hulgal läbipaistvus, kuna platvormi tegevusega on seotud mitmed osapooled. Ettevõtete tulemuslikkus on seotud omanike-juhtide erinevate kasvupüüdluste, psühholoogiliste omaduste ja eelnevate kogemustega. Oluline märksõna siinkohal on omanike tüüp (nt eraisik vs ettevõte; kodumaine vs välismaine), sest eraisikud on üldjuhul täielikult kasumlikkusele suunatud, samas kui ettevõtted võivad tolereerida ka ajutist kahjumit. Omanike struktuuri lihtsus või vastupidi keerukus peaks eeldatavalt mõjutama ettevõtte riski- ning investeeringute valmidust ning sellest tulenevalt ka ettevõtte käekäiku. Erinevad autorid on teostanud antud teemal palju empiirilisi analüüse. Ettevõtte omanike tüübi ja tulemuslikkuse vaheline seos leiab neis nii kinnitust kui ka ümberlükkamist ning osade autorite järelduste kohaselt ei esine ettevõtete majandustulemuste ja omanike identiteedi vahel olulisi seoseid. Samas võib eeldada, et omanike struktuur peaks mõjutama ka ühisrahastusplatvorme omavate ettevõtete tulemuslikkust. Kuigi seoseid ettevõtte tulemuslikkuse ja omanike karakteristikute vahel on palju uuritud, ei ole autorile 6
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